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Insurance Sector Fine Boosts Now Unlikely In N.Y.

Michael Barrett, legislative representative for the Independent Insurance Agents and Brokers of New York (IIABNY), which opposed fee and fine increases, said, "We had been lobbying against this since

By Phil Gusman | Updated on March 17, 2008

The New York State Legislature has likely killed a series of proposed fine increases for agents, brokers and insurers, as well as a hike in the state’s Motor Vehicle Insurance fee.

Fee and fine increases were outlined in former Governor Eliot Spitzer’s 2008-09 Executive Budget, but were omitted from the one-house budget bills that passed the State Senate and Assembly last week.

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